The CME's Bitcoin futures gap is the latest focus of the bitcoin price movement

The CME futures gap is the topic of conversation as bitcoin inches closer to a weekly high close.

The end of the weekly candle may soon give way to a more pressing $42,400 objective should the market move significantly overnight, according to one trader. On February 13, bitcoin (BTC) was on the verge of topping out at a new higher weekly high of $42,000.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

The CME’s potential market gap may arrive.

BTC/USD’s weekend was dominated by stress-free market circumstances, with data from Cointelegraph Markets Pro and TradingView charting fairly tranquil conditions. When the weekly candle comes to an end in less than 12 hours, it will be a noteworthy moment for bitcoin.

The BTC/USD pair has been in a strong upswing since the beginning of October when it passed through $42,000 for the first time. It dipped briefly beneath $42,000 before recovering; this positioning it up to challenge last week’s close on Bitstamp of $42,400.

If it succeeds, Bitcoin’s close will be a three-week high; nevertheless, traders will continue to guess as little as a few hundred dollars separates the upcoming close from the previous.

Other researchers were elsewhere, including Cointelegraph contributor Michaël van de Poppe, who stated that the Monday CME futures opening would almost certainly dictate a short-term price target.

“Don’t be fooled by any Bitcoin movements over the weekend. In the end, the price will return to CME’s Friday close.” He reiterated

On Friday, the CME futures closed at $42,390 almost exactly where the spot price closed last week.

CME Bitcoin futures 1-day candle chart. Source: TradingView

XRP stands out in flat market

On the altcoin markets, the quiet period for Bitcoin played out in a surge of inaction by out-of-hours traders. Only XRP achieved significant gains, rising over 6% in the 24 hours to this point to bring weekly returns of more than 25%.

The decision was made amid an ongoing legal conflict between Ripple, the major XRP token holder, and US regulators over its status as a security.

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